The Allied Peoples Movement has called on the World Bank and other international lenders to withhold fresh loans to the President Bola Tinubu administration. The opposition party cited Nigeria’s rising debt profile and the proposed $1.5 billion credit facility in a statement issued on Tuesday.
The Federal Government is in talks with the World Bank to secure three new loans worth a combined $1.5 billion. The proposed facilities comprise $500 million each for climate resilience, social protection and early childhood development. The first, additional financing for the Agro-Climatic Resilience in Semi-Arid Landscapes project, is scheduled for World Bank board consideration on 29 October.
Nigeria’s public debt rose to ₦166.79 trillion by the end of June 2026, according to the Debt Management Office. That represents an increase of ₦14.39 trillion within one year. The total translates to roughly ₦702,185 for every Nigerian.
The APM said further borrowing could worsen economic hardship and weaken the productive sector. National Publicity Secretary Abubakar Yusuf said the Tinubu administration had accumulated over ₦166.7 trillion in debt while continuing to borrow despite revenue from the removal of the petrol subsidy. “It is unacceptable that, even with the trillions of naira derived from the removal of the subsidy on petrol, the Tinubu administration is engaged in its morbid appetite for borrowing,” Yusuf said.
This mirrors the 2016 recession, when the naira’s depreciation inflated the local-currency value of external obligations. The same dynamic is at work now. The securitisation of ₦23 trillion in Ways and Means advances has also converted previously off-balance-sheet borrowing into recognised public debt.
The APM also cited the World Food Programme’s assessment that about 35 million Nigerians are expected to face acute food insecurity in 2026. It said the government was “pushing Nigerians to the precipice.”
Winners and Losers
Winners: The World Bank, which retains leverage over lending terms. Contractors who benefit from capital expenditure funded by loans. The APM, which gains a platform to criticise the administration ahead of 2027.
Losers: Future taxpayers, who inherit the repayment obligation. Capital projects, which may be delayed if lending slows. The naira, which faces pressure from external debt obligations and weak reserves.
Bottom Line: Debt is not inherently bad. Debt without a repayment plan is a transfer of burden from today’s government to tomorrow’s citizens. The World Bank must decide whether that transfer is justified